DailyFX European Market Wrap: UK Consumers Tighten Belt, House Price Gains Slow: 8/7/17

UK consumers tighten their belts for a third month in July as inflation puts a tight squeeze on people’s pockets. The report by IHS Markit and Visa said the declines were in clothing, household goods, food and transport among the worst hit but showed a 6 percent increase in spending at hotels, restaurants and bars which the report put down to “staycations,” with the weaker pound making foreign holidays more expensive.

UK house prices have grown by the weakest annual rate since April 2013 at 2.1% higher than a year ago according to Halifax’s monthly survey. And recorded the fourth quarterly fall in a row.

German factory orders endure their biggest decline this year, down 1.1% in June, due to weaker construction output.

OPEC members and nonmember representatives are meeting in Abu Dhabi for the next two days to discuss compliance on the supply-cut agreement that came into effect at the start of the year. According to a Bloomberg survey, compliance fell to 86 percent in July, the lowest level since January. The price is currently under pressure with US production at its highest level in two years. sliding away from nine-week highs.

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